In the third quarter of 2009 High River Gold demonstrated improving operating and financial results: production, revenue and operating profit rose compared to the levels of the first and second quarters. Based on the Q3 numbers and upon completion of the Troika investment of C$57M, the company is debt free on a net basis, which enabled us to increase our target price by reducing the discount applied in our peer valuation from 35% to zero. The stock's upside potential remains high supporting our BUY rating - Olma Investment Company.
The above is an excerpt from a research report issued by Olma Investment Company which if you can find the time is a very interesting read, please click here to read the report in full. This could just be the buy of this festive season as the upside potential looks very attractive at this point, so you might want to give it a thought when you are next on the acquisition trail.
Our stance throughout this roller coaster ride has been to hold tight and not sell at what we considered to be bargain basement prices and we are still of that opinion. The stock price has come a long way since it bottomed for mere pennies and is making steady progress so our patience may yet be rewarded.
Once again our thanks and gratitude go to Chris Charlwood for keeping his finger on the pulse and alerting us to this report, have a great Christmas Chris.
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